Dubai Aerospace Enterprise (DAE) Ltd reported 13% nine-month revenue growth after buying Macquarie AirFinance Limited, a deal that lifted its combined aircraft fleet close to 1,000.
The Dubai aircraft lessor generated $1.4469 billion in revenue in the nine months ended Sept. 30, 2026, compared with $1.2777 billion a year earlier. DAE said lease income from the enlarged business and other aircraft purchases drove the increase, while engineering revenue declined.
DAE completed the $9 billion Macquarie acquisition at the end of July. Its owned, managed and committed fleets totaled 983 aircraft at Sept. 30. DAE Chief Executive Officer Firoz Tarapore said the combined fleet was about twice its size 24 months earlier.
Tarapore said DAE's 716 owned aircraft made it the world's second-largest aircraft lessor by owned fleet. He said carrying out mandates with Blackstone and Neuberger would move the company toward a combined fleet of about 1,300 aircraft. DAE said the expanded business would give airline clients a broader offering.
Profit before tax and exceptional items reached $370.7 million, up 9% from $340.8 million in the same period of 2025. Unadjusted profit before tax fell to $380.7 million from $653.0 million. DAE's adjusted pre-tax profit margin narrowed to 25.6% from 26.7%, while adjusted pre-tax return on equity declined to 11.8% from 13.6%.
Operating cash flow was $1.0881 billion, down from $1.1274 billion a year earlier. At Sept. 30, total assets stood at $26.83 billion, compared with $16.55 billion at Dec. 31, 2025. Net loans and borrowings stood at $16.75 billion, compared with $10.23 billion at Dec. 31, and net debt to equity increased to 2.60 times from 2.58 times.
DAE reported available liquidity of $5.60 billion, compared with $3.40 billion at Dec. 31, and its liquidity coverage ratio rose to 440% from 277%. DAE said continuing airspace closures had kept its engineering division's revenue below target.
Tarapore said the Macquarie integration was largely complete, with the remaining work expected to finish by the end of November.
